iCharts Discussions

[rk_a2003]

Hi All ,

Posting the follow up chart of DLF, in continuation to the ‘Topping Tails’ chart posted on 26th September. The basic interpretation that it’s a bearish pattern is vindicated as of now.

One or a couple of examples may not be sufficient to prove it’s worthiness but still it proves that we are not completely away from the dynamics of this pattern.

The last two significant bearish candles were formed when Nifty closed green on both the occasions. This fact further strengthens the validity of the interpretation. I again say Candle stick patterns are all about psychology, commonsense and a little logical thinking.

Everything need not be text booked and we need not think that what was written is complete and final. The day we started thinking so ….. That’s the end of the development.

Vinay,Prakash and prst thanks for the support given in this regard.

[vinay28]

NASA scientists carried out a lot of research on Bumblebee for years including tests in wind tunnel and concluded that the bumblebee can not fly because the ratio of its wing area to its weight is too low.

But the bumblebee doesn't know it and so it continues to fly!

[rk_a2003]

[amitkbaid1008]

[saumya12]

Hi RK
The so called "topping tails" candlesticks are not candlestick patterns, but pin bars. Pin bars are a very useful tool in forex trading and so also in index/stock trading.
If you want to know more on the subject just go through
priceaction(dot)proboards(dot)com. In this forum you will get a lot of material. Or search traderdude in TJ.
You can study pinbars from the lessons in learntotradethemarket(dot)com and search for pinbars.
Hope the material will be useful to you

[rk_a2003]

[vinay28]

RK, call them topping tails or pony tails, who cares?

[vishyvaranasi]

Well said vinay..end of the day Tail is a Tail.

Vishy

[pkholla]

RK, Vinay and other friends: As long as you can pin the tail of the donkey and broker credits profit to your account we can remember Shakespeare: A rose by any name smells as sweet
Let us move on and allow RK to peacefully identify more winners and post them for our benefit, whether authorised by Nison and Homma or not
Jai Hind, Prakash Holla

[vinay28]

Prakash, I am neither disturbing RK's peace nor do I intend to do so. If you see my earlier posts you will notice that I have only supported him.

[pkholla]

Aray Vinay, why so sensitive? I did NOT poke fun at you or anyone. I am only saying, let us not take everything so seriously (nitpicking) that we lose sight of the wood for the trees (or is it the other way around?)
I only meant let it be candle stick, let it be joss stick,let it be walking stick, kya farak padtha hai?
Even Nison cautions us that interpretation of the candle stick pattern is highly subjective to the user.
As long as RK has identified a nice pattern forecasting bearishness and has shared it with us, I am happy for him (and for us). RK, please continue to do so.
No offense meant to anyone and none taken I hope. Prakash Holla

[saumya12]

[pkholla]

Saumya: Many thanks. If I have understood u correctly, the pinbars are a trend change warning and we can look for further clues to determine whether they foresee trend down or trend up. Fantastic. I will research further as this can only lead to better knowledge & a healthier bottom line. Prakash Holla

[saumya12]

Hi Prakash
I have posted some links in my previous post. Just go through those links. TJ has some good threads on pinbars and price action. Pinbars are not a sureshot 100% formula but if you combine it with other indicators, it gives very good confirmation OR if pinbars are indicating a trend reversal then get it confirmed using other indicators.
Thanks

Just let me know whether posting of links to other websites or forums are allowed here or not.

[sonila]

Saumya, plz check and revert back.....i think, today, in NF in 5- min tf, a bullish pin bar reversal formed around 1.25 pm and nf reversed back from 5744 to 5770. I m not sure....plz check. Thnx.